Albany, NY -- (SBWIRE) -- 03/12/2018 -- The frontrunners in the global biomethane gas market, according to one of the reports by Transparency Market Research, are CNG Services Ltd., Planet Biogas Global GmbH, SGN, Future Biogas Ltd., VERBIO, Magne Gas, Gasrec, Gazasia Ltd., Biogas Products Ltd., Schmack Carbotech GmbH, EnviTec Biogas AG, SoCalGas, ETW Energietechnik GmbH, ORBITAL, and JV Energen.
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As per estimates of a report by Transparency Market Research, the global biomethane market stood at a valuation of US$1,485.4 mn in 2016 and is expected to reach a valuation of US$2,624.5 mn by 2025 rising at a CAGR of 6.7% between 2017 and 2025.
North America and Europe to Continue Garnerning Significant Market Shares
The segments of the global biomethane market based upon application are automotive sector and power generation. The automotive sector is expected to account for a significant share in the market over the forecast period.
The key regional segments into which the global market for biomethane is divided in this report are North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. In 2016, North America and Europe held a significant share of the global biomethane market. The trend is expected to continue over the forecast period as well.
Feasibility of Biomethane as an Automobile Fuel Fuels Growth
One of the key growth drivers of the global biomethane market is the green gas characteristic of biomethane. Biomethane is produced by the natural breakdown of organic material, which includes green waste, agricultural waste, food industry waste, household waste, and even industrial waste. The process of production of biomethane involves breaking down of organic matter in an anaerobic environment to produce biogas, which is further purified to produce biomethane. The resultant gas can be used as a vehicle fuel or can be injected into the main gas network to generate green energy.
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The high production efficiency of biomethane production is another significant factor that adds to the advantage of the growth of biomethane market. This attribute makes it feasible for biomethane to be used as an alternative fuel for electricity production and for heat generation from combined heat and power.